Q & A Session

Q1. 500 items @ Rs.150 per item have been returned to Supplier P. This transaction involves ____________ :

1. Physical Stock Voucher
2. Debit Note
3. Delivery Challan
4. Credit Note

Q2. Which of the below actions is essential to link a company's inventory with its financial statements?

1. Go to Gateway of Tally > F11: Features > F2: Inventory
2. F11: Features > F1: Accounting Features / Inventory Features > Set the option Integrate Accounts and Inventory to “Yes”
3. Press Alt+F10 from keyboard
4. F11: Features > F1: Accounting Features / Inventory Features > enable the option "Use Tracking Numbers" (Delivery / Receipt Notes)

Q3. ABC Company has received 100 pieces of Item M from Supplier N, @ Rs.200 per piece. Which statements hold TRUE for this transaction?

1. This transaction involves the Receipt Note voucher.
2. The first step, to record this transaction on Tally, is to go to F11: Inventory Features and enable the option "Use Tracking Numbers" (Delivery / Receipt) Notes)
3. The second step is to go to the Gateway of Tally > Inventory Vouchers > select F10: Phys Stk from Button Bar or press Alt+F10
4. The second step is to press Alt+F9 from keyboard or select the button F9: Receipt Note from the button bar

Q4. __________ is not an example of movement of goods.

1. Placing an order with the vendor or supplier for supplying raw materials
2. Receipt and issue of goods/stock / inventory
3. Purchase and Sales Returns
4. Adjustment in physical stock

Q5. Which of the following statements are NOT TRUE for Inventory Vouchers?

1. Transfer of physical stock between locations in an example of movement of goods.
2. In order to link the company’s inventory with its financial accounts, the user must go to F11: Inventory Features and enable the option "Use Tracking Numbers" (Delivery / Receipt Notes).
3. Pressing Alt+F8 from keyboard or selecting the button F8: Dely Note from the button bar will lead the user to the Delivery Note Voucher entry screen.
4. The Receipt Note Voucher is used for receiving goods returned by the customer.

Q6. Goods, 450 in number, @ Rs.100 per piece, have been returned to the company by a customer. Which voucher does this transaction involve?

1. Purchase
2. Sales Return
3. Receipt
4. Purchase Return

Q7. What is the basic difference between Debit and Credit Notes?

1. Debit Note Voucher is used to record Purchase Returns (goods returned by the company to a supplier / vendor) while Credit Note is used to record Sales Returns (goods returned to the company by a customer)
2. Debit Note Voucher is used to record Sales Returns (goods returned to the company by a customer) while Credit Note is used to record Purchase Returns (goods returned by the company to a vendor/supplier)
3. Debit Note Voucher records Accounts Receivable from Debtors while Credit Note Voucher records Bad Debts
4. Debit Note Voucher records goods purchased on credit while Credit Note Voucher records goods sold on credit

Q8. Which of the following Inventory Voucher - Shortcut Key relationships are TRUE?

1. Receipt Note, Alt+F9
2. Delivery Challan/Note, Ctrl+F9
3. Physical Stock Voucher, Alt+F10
4. Debit Note, Ctrl+F8
5. Credit Note, Alt + C

Q9. Which option, among the following, comprise Inventory Vouchers ONLY?

1. Delivery Challan, Payment Voucher, Debit Note, Credit Note
2. Contra-entry Voucher, Purchase Voucher, Credit Note, Material Out Voucher
3. Physical Stock Voucher, Delivery Challan, Receipt Note, Debit Note
4. Physical Stock Voucher, Material In Voucher, Receipt Voucher

10. Consider the transaction: ABC Company has delivered 70 items to customer A, @ Rs. 250 per item. A quarter of the consignment has been delivered against cash while the remaining three-fourth has been delivered on credit. What is the total worth of goods delivered to customer A?

1. Rs. 14,000
2. Rs. 7,500
3. Rs. 20,000
4. Rs. 17,500

11. Which of the following statement(s) is/are NOT related to the Receipt Note voucher?

1. This voucher is used for recording goods received from the supplier.
2. Under F12: Configure (Delivery Note Configuration), set "Accept Supplementary Details" to Yes.
3. From F11: Inventory Features, the option "Use Tracking Numbers" (Delivery / Receipt Notes) must be enabled.
4. To open the Receipt Note voucher, press Alt+F8 from keyboard or select the button F8: Receipt Note from the button bar.

12. Identify the FALSE statement(s) among the following:

1. The Credit Note Voucher is used for recording the actual inventory, which is verified or counted.
2. To reach the Physical Stock Voucher, go to Gateway of Tally > Inventory Vouchers > select F10: Phys Stk from Button Bar or press Alt+F10.
3. The Debit Note voucher is used for recording Sales Returns.
4. To enter the Debit Note, go to Gateway of Tally > Accounting Vouchers and click on Ctrl + F9: Debit Note on the Button Bar or press Ctrl+F9

13. Which of the following statements is/are related to the Physical Stock voucher?

1. The Physical Stock voucher integrates the company’s inventory with its financial accounts.
2. The mandatory fields to be filled up in the Physical Stock voucher are: the stock taking Date, the Name of the Item, Godown and Batch Number and the Physical Stock Quantity.
3. To reach the Physical Stock Voucher, go to Gateway of Tally > Inventory Vouchers > select F9: Phys Stk from Button Bar or press Alt+F9.
4. The Physical Stock Voucher is used for recording the actual inventory, which is verified or counted.

14. Identify the Inventory Voucher that the below paragraph refers to:
“This voucher is used to record Sales Returns, or goods returned by a customer to the company. To enter this voucher, go to the Gateway of Tally -> Accounting Vouchers -> Click on Ctrl + F8 on the Button Bar or press Ctrl + F8.”

1. Receipt Note Voucher
2. Credit Note Voucher
3. Delivery Challan
4. Debit Note Voucher

15. The sequence of the below steps, required to enter the Delivery Challan voucher, have been jumbled. Identify and rearrange the steps in proper sequence.

1. Go to Gateway of Tally > F11: Features > F2: Inventory
2. Press Alt+F8 from keyboard or select the button F8: Dely Note from the button bar
3. Under F12: Configure (Delivery Note Configuration), set "Accept Supplementary Details" to Yes
4. Set the option Integrate Accounts and Inventory to Yes in F11: Features : F1: Accounting Features / Inventory Features
5. From F11: Inventory Features, enable the option "Use Tracking Numbers" (Delivery / Receipt Notes)

a) 1 - 4 - 5 - 1 - 2 - 3
b) 1 - 5 - 2 - 3 - 4 - 1
c) 5 - 4 - 3 - 1 - 2 - 1
d) 4 - 3 - 5 - 1 - 2 - 1